Hainan approves fourteenth five-year development plan

Hainan approves fourteenth five-year development plan

Hainan Island’s investment and business climate “is expected reach its highest level” over the next few years

HAIKOU, December 9, the Hainan authorities approved the fourteenth five-year plan for the socio-economic development of the region for 2021-2025, TASS reported citing the propaganda department of the provincial party committee.

According to statement, the Hainan administration has also set goals for the period until 2035. It is expected that in 10 years both the economic and innovation potential of the island will be maximised, and it will develop into one of the most attractive places in China for foreign investors.

Hainan will have zero duties on many goods and reduce trade barriers for a wide range of imported products during this period of time.

According to information obtained, by 2025 the provincial leadership intends to “lay the foundations for the implementation of a development strategy for Hainan’s free trade port.”

The key principles of cooperation with foreign partners in the trade and economic sphere, as noted, will include the simplification of procedures and the gradual abolition of customs duties. In addition, the island’s investment and business climate “should generally reach its highest development level” over the next few years. In response to domestic and international risks, “effective countermeasures will be taken that will allow timely elimination of the impact of negative factors.”

During the new five-year plan, the Hainan government will place particular emphasis on the development of the modern financial services sector and improving mechanisms to simplify the activities of domestic and foreign qualified investors with limited liability allowing companies to overcome a range of barriers to cross-border investment.

Hainan’s achievements during the thirteenth five-year plan

According to official data, during the thirteenth socio-economic development plan (2016-2020), the annual growth rate of the province’s gross regional product averaged over 10%. Hainan has become one of the key Chinese administrative regions with high per capita income.

Tourism, the modern service sector and advanced technology industries have played a particularly important role in improving the welfare of local residents.

The authorities reported that over the past five years they have successfully completed the initial stage of modernising Hainan’s economy. As a result, the number of competitive market players contributing to innovation growth has increased significantly.

According to the released statement, “the basis for the development of an international consumer zone of global importance on the island has been established.”

According to preliminary estimates from the region’s statistical office, the average per capita income of the urban population of Hainan in 2020 will reach 27,600 yuan (over $ 4,200 at the current exchange rate). This is 45% higher than in 2015.

Source TASS

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